Fiscal integration agreement and coordination of economic policies agreed by the EU is a step in the right direction, but not a complete solution for the state debt crisis, said chief economist of International Monetary Fund (IMF), Olivier Blanchard.
"I am more optimistic than a month ago, I think they have made ​​progress. What happened last week is important, is part of the solution, but not the solution entirely," Blanchard said at a business conference organized the Israeli newspaper Globes in Tel Aviv.

The official did not specify what new measures might be necessary.
European leaders agreed on Friday in Brussels to sign a new agreement for a tight fiscal governance in the euro and the EU zoan and coordination of economic policies. Britain's third largest economy in the EU, refused to join the agreement.

Asked if European politicians statements cause volatility in markets, Blanchard said, "A lot of volatility in Europe comes from statements that show the wide range of views and inability to reach a logical decision-making process."

EU leaders also agreed that EU bilateral loans to pay the IMF to 200 billion to help troubled institution to support countries in the euro area.

"The commitment to give us 200 billion is very important, because now we can go to other countries to say:" Europeans have given us money, you can help? '"Said IMF chief economist.

Asked by Reuters whether the British decision to isolate the country's economy is favorable, he said: "I think it is a matter that must determine Europeans'.